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Lawmakers wish to improve fines for rogue payday loan providers by 500 %

Lawmakers wish to improve fines for rogue payday loan providers by 500 %

Several Kentucky lawmakers want payday loan shops to handle much heavier charges when they violate consumer-protection law.

Senate Bill 169 and home Bill 321 would increase the selection of fines offered to the Kentucky Department of banking institutions from the current $1,000 to $5,000 for every single lending that is payday to between $5,000 and $25,000.

State Sen. Alice Forgy Kerr, R-Lexington, stated she ended up being upset final July to see into the Herald-Leader that Kentucky regulators permitted the five biggest cash advance chains to amass a huge selection of violations and spend hardly a lot more than the $1,000 minimum fine each and every time, and regulators never revoked a shop permit.

No one appears to be stopping pay day loan stores from bankrupting debt beyond the legal limits to their borrowers, Kerr stated. Continue reading